15 April 2014

Tanzania: DCB Dishes Out Sh41 Billion Loans to Women

THE DCB Commercial Bank has dished out more than 41bn/- loans from 2002 when it started operations to March this year for supporting women entrepreneurs in three Municipalities of Ilala, Kinondoni and Temeke.

DCB Bank Manager for Product Development and Marketing, Mr Prochest Kachenje, said in Dar es Salaam that the loans benefited more than 98,000 women in the Municipalities.

He said the Bank was working on plans to reaching more women groups across the region and upcountry in the future as it is set to introduce more packages for Small and Medium Entrepreneurs (SMEs) in some target areas.

According to him, it has been increasingly noted that of late women entrepreneurs are becoming much aware on how to utilize the loans to develop their businesses unlike in the past which encourage the Bank to extend business relationship with more new groups.

"We have given loans with women who have showed desire to engage themselves in entrepreneurship undertakings and we are glad that they haven't let us down as their repayment trend has been very encouraging," he said.

On Monday, various women groups under the Tanzania Women and Youth Development Society (TWYDS) gathered at the Mwembeyanga grounds in Temeke Municipality where they showcased their products.

Mr Kachenje said Temeke Municipality was taking a leading role in organizing more women entrepreneurs to take loans with record showing more than 23bn/- was dished out to the different groups with 51,872 entrepreneurs over the period.

He mentioned the second beneficiaries as Kinondoni Municipality whose 18,300 women entrepreneurs got 11bn/- while Ilala Municipality got 8bn/- which was distributed to 28,290 women traders.

DCB, according to Mr Kachenje calls for all three Municipalities to keep on meeting their financial obligations to the women groups in their localities to keep empowering more women economically.

About 1000 women are expected to take part in the market fair which was also sponsored by other business companies and Financial Institutions.

TWYDS Executive Director Ms Sophia Mwakagenda said plans are afoot for more women to be reached under her organization's agenda targeting to provide as many women groups as possible on entrepreneurship and marketing skills.

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